A businessman was offered the chance to buy London's Ritz Hotel for just £250m by a man claiming to represent its reclusive owners, a court has heard.
The man borrowed £1m to pay for sale documents, only to find the supposed vendor was an out of work lorry driver and the papers did not exist.
The man who had offered to strike the deal had no connection with the hotel's owners, the Barclay Brothers.
A High Court judge has ordered a trial over who should have to repay the £1m.
The hotel was valued at about £600m at the time of the negotiations, in 2006.
The court heard the businessman sued when he realised he would not receive the documents or a refund, and a judge agreed an order allowing the tracing of funds.
But the company the businessman borrowed the £1m from had in the meantime begun legal action to reclaim the money from him, the hearing was told.
At the High Court on Thursday Mr Justice Henderson ruled a full trial should be held to determine who was responsible.
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